Brown & Brown (NYSE:BRO) Reaches New 1-Year Low – Here’s What Happened

Brown & Brown, Inc. (NYSE:BRO) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $64.51 and last traded at $64.3750, with a volume of 565562 shares trading hands. The stock had previously closed at $66.50.

Analyst Upgrades and Downgrades

Several research firms have commented on BRO. Weiss Ratings restated a “hold (c)” rating on shares of Brown & Brown in a report on Monday, December 29th. Argus raised Brown & Brown to a “hold” rating in a research report on Tuesday, January 27th. Truist Financial cut their price target on Brown & Brown from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, January 28th. Royal Bank Of Canada started coverage on Brown & Brown in a report on Tuesday, March 17th. They issued a “sector perform” rating and a $76.00 price objective for the company. Finally, JPMorgan Chase & Co. began coverage on shares of Brown & Brown in a research note on Thursday, December 18th. They issued a “neutral” rating and a $91.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $89.33.

Brown & Brown Stock Down 4.8%

The business’s 50 day moving average is $71.72 and its 200 day moving average is $80.16. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. The company has a market cap of $21.55 billion, a P/E ratio of 19.79, a P/E/G ratio of 1.68 and a beta of 0.79.

Brown & Brown (NYSE:BRO) last announced its earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Brown & Brown had a return on equity of 12.93% and a net margin of 17.84%.The business’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.86 EPS. As a group, equities analysts anticipate that Brown & Brown, Inc. will post 4.18 earnings per share for the current fiscal year.

Brown & Brown Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 11th. Investors of record on Wednesday, February 4th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $0.66 dividend on an annualized basis and a yield of 1.0%. Brown & Brown’s dividend payout ratio (DPR) is presently 20.63%.

Hedge Funds Weigh In On Brown & Brown

A number of large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of Brown & Brown by 3.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,420,814 shares of the financial services provider’s stock valued at $133,258,000 after purchasing an additional 51,959 shares during the last quarter. Tandem Investment Advisors Inc. grew its stake in Brown & Brown by 69.7% during the 3rd quarter. Tandem Investment Advisors Inc. now owns 1,385,214 shares of the financial services provider’s stock worth $129,919,000 after buying an additional 569,037 shares during the last quarter. Vanguard Group Inc. increased its position in Brown & Brown by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 37,330,892 shares of the financial services provider’s stock valued at $3,501,264,000 after buying an additional 1,705,570 shares in the last quarter. Invesco Ltd. increased its position in Brown & Brown by 1.1% during the 2nd quarter. Invesco Ltd. now owns 4,166,370 shares of the financial services provider’s stock valued at $461,925,000 after buying an additional 46,235 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Brown & Brown by 43.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,600 shares of the financial services provider’s stock valued at $4,558,000 after buying an additional 14,678 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

About Brown & Brown

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.